Who Owns 1st Security Bank Company?

1st Security Bank Bundle

Get Full Bundle:

	5 FORCES	$15	$10
	BCG	$15	$10
	CANVAS	$15	$10
	4P's MIX	$15	$10
	PESTLE	$15	$10
	SWOT	$15	$10

TOTAL:

ADD TO CART

Who Owns 1st Security Bank?

FS Bancorp, Inc., the parent company of 1st Security Bank, announced a CEO transition on August 15, 2025. Joseph C. Adams will retire in May 2026, with Matthew Mullet stepping into the President and CEO roles. Understanding ownership is key to a company's direction and accountability.

As of August 11, 2025, FS Bancorp, Inc. (NASDAQ: FSBW) has a market cap of $295 million and about 7.6 million shares outstanding. The bank reported $3.176 billion in total assets and $127.669 million in total deposits as of June 30, 2025.

Tracing the ownership of 1st Security Bank reveals its journey from its 1936 founding. We will examine key investors and public shareholders to understand how ownership influences the bank's strategy and governance. For a deeper look into its market environment, consider a 1st Security Bank PESTEL Analysis.

1st Security Bank of Washington traces its origins back to 1936, evolving from Washington's Credit Union. Unlike many businesses with a singular founding group and defined initial equity, its early ownership structure appears to have developed more organically. Joseph C. Adams played a significant role, serving as Supervisory Committee Chairperson for Washington's Credit Union from 1993 to 1999 before joining 1st Security Bank in 2003 and becoming CEO in 2004.

Origins as a Credit Union

The bank's foundation in 1936 as Washington's Credit Union suggests an initial structure focused on member services rather than traditional shareholder ownership.

Evolution of Leadership

Joseph C. Adams' progression from a leadership role in the credit union to CEO of the bank highlights a continuity in management and strategic direction.

Corporate Restructuring

The establishment of FS Bancorp, Inc. in 2011 marked a significant step in the company's corporate structure, preceding its public offering.

Transition to Public Ownership

The 2012 IPO transformed 1st Security Bank into a publicly traded entity, broadening its ownership base beyond any initial private stakeholders.

Early Capitalization

Initial capital likely stemmed from community investments and member deposits during its credit union phase, with public investment increasing post-IPO.

Lack of Disclosed Founder Equity

Specific details regarding the initial equity percentages or shareholdings of founders at the bank's 1936 chartering are not publicly available.

The history of 1st Security Bank's ownership indicates a movement from a community-focused credit union model to a publicly traded corporation. While specific founder equity details from 1936 are not publicly disclosed, the bank's subsequent corporate structure, including the formation of FS Bancorp, Inc. in 2011 and its initial public offering in 2012, signifies a shift towards broader ownership. This transition means that the 1st Security Bank parent company is FS Bancorp, Inc., and its stock is available to public shareholders. Understanding this evolution is key to grasping who owns 1st Security Bank today. For a deeper dive into the competitive environment, one can explore the Competitors Landscape of 1st Security Bank.

Key Ownership Milestones

The journey of 1st Security Bank from its credit union roots to a publicly traded company involved significant structural changes that impacted its ownership.

• Foundation as Washington's Credit Union in 1936.
• Joseph C. Adams' leadership roles from 1993 onwards.
• Formation of the holding company, FS Bancorp, Inc., in September 2011.
• Initial Public Offering (IPO) on July 10, 2012, making the bank publicly traded.
• Shift from potential founder or member-based ownership to public shareholders.

1st Security Bank SWOT Analysis

• Complete SWOT Breakdown
• Fully Customizable
• Editable in Excel & Word
• Professional Formatting
• Investor-Ready Format

GET TEMPLATE ➔

The ownership of 1st Security Bank underwent a significant transformation with the Initial Public Offering (IPO) of its parent company, FS Bancorp, Inc., on July 10, 2012. This event transitioned the entity from private to public ownership, listing it on the NASDAQ under the ticker symbol FSBW.

As of August 11, 2025, FS Bancorp, Inc. has a market capitalization of $295 million and approximately 7.6 million shares outstanding, indicating a broad base of shareholders. The company’s total assets reached $3.176 billion as of June 30, 2025. The ownership structure is largely dominated by institutional investors, with T. Rowe Price Investment Management, Inc. and BlackRock, Inc. holding substantial stakes. Dimensional Fund Advisors LP also maintains significant holdings, as detailed in their filings. A notable portion of ownership, 6.02% of common stock, is held by the Employee Stock Ownership Plan (ESOP), reflecting employee investment in the company. This concentration of institutional ownership often aligns with a strategic focus on long-term value creation and can influence corporate governance through active engagement and voting on shareholder proposals. Understanding the Marketing Strategy of 1st Security Bank can provide further insight into how these stakeholders might influence the company's direction.

Key Ownership Insights

FS Bancorp, Inc., the parent company of 1st Security Bank, became publicly traded in 2012. Major institutional investors and the employee stock ownership plan are key stakeholders.

• FS Bancorp, Inc. IPO: July 10, 2012
• Market Capitalization (August 11, 2025): $295 million
• Total Assets (June 30, 2025): $3.176 billion
• Significant institutional holders include T. Rowe Price Investment Management, Inc. and BlackRock, Inc.
• The Employee Stock Ownership Plan (ESOP) holds 6.02% of common stock.

1st Security Bank PESTLE Analysis

• Covers All 6 PESTLE Categories
• No Research Needed – Save Hours of Work
• Built by Experts, Trusted by Consultants
• Instant Download, Ready to Use
• 100% Editable, Fully Customizable

GET TEMPLATE ➔

FS Bancorp, Inc.'s governance is managed by a seven-member Board of Directors, with a strong commitment to independence. Six of these directors, or 85.7%, meet the criteria for independence as required by Nasdaq listing rules. Joseph C. Adams, the Chief Executive Officer, is the only non-independent director due to his executive role.

The voting power for FS Bancorp's common stock generally follows a one-share-one-vote principle. However, a safeguard is in place where shareholders owning over 10% of outstanding shares may have their voting power limited, a common practice for bank holding companies to prevent concentrated control. The Employee Stock Ownership Plan (ESOP) holds 6.02% of the common stock and exercises shared voting and dispositive power over its allocated shares, allowing employees a voice in corporate matters. To ensure alignment with public shareholders, non-employee directors are required to hold FS Bancorp shares equivalent to at least twice their annual cash retainer, excluding committee fees. The annual shareholder meeting on May 22, 2025, included the election of directors and advisory votes on executive compensation, highlighting the established channels for shareholder participation and oversight.

Director Responsibilities and Shareholder Alignment

The board structure emphasizes independence, with a majority of directors meeting this criterion. Director stock ownership requirements are in place to align their interests with those of shareholders.

• Majority of directors are independent (85.7%).
• CEO is the sole non-independent director.
• Directors must meet stock ownership requirements.
• ESOP holds 6.02% of common stock with shared voting power.

Understanding the Mission, Vision & Core Values of 1st Security Bank provides context for the governance structure and the roles of its directors. The corporate structure of FS Bancorp, Inc. as the parent company dictates how decisions are made and how voting power is distributed among its shareholders, including the ESOP. This structure is crucial for understanding who owns 1st Security Bank and how its operations are overseen, particularly in relation to its stock performance and market capitalization.

1st Security Bank Business Model Canvas

• Complete 9-Block Business Model Canvas
• Effortlessly Communicate Your Business Strategy
• Investor-Ready BMC Format
• 100% Editable and Customizable
• Clear and Structured Layout

GET TEMPLATE ➔

FS Bancorp, Inc. is the parent company of 1st Security Bank, reflecting a common corporate structure in the financial sector. Recent developments indicate a focus on leadership transition and shareholder value, aligning with broader industry trends of evolving ownership and capital management.

Recent strategic moves by FS Bancorp, Inc., the parent company of 1st Security Bank, highlight a dynamic approach to corporate governance and shareholder engagement. The announcement of a CEO succession plan, with Matthew Mullet set to become President and CEO of 1st Security Bank in May 2026, signals a forward-looking leadership strategy. This transition is coupled with a continued commitment to shareholder returns, as evidenced by the authorization of additional share repurchases and the declaration of its 50th consecutive quarterly cash dividend, alongside a special dividend in July 2025.

Leadership Transition

Joseph C. Adams will transition from CEO in May 2026. Matthew Mullet will assume the role of President and CEO of 1st Security Bank.

Shareholder Value Initiatives

FS Bancorp, Inc. authorized additional share repurchases in July 2025. The company maintained its dividend policy with its 50th consecutive quarterly cash dividend.

Financial Performance Highlights

First-quarter 2025 net income was $8.0 million, or $1.01 per diluted share. Second-quarter 2025 net income was $7.7 million, or $0.99 per diluted share.

Strategic Financial Management

The loan-to-deposit ratio was 97.5% at the end of 2024, down from 102% in 2023. This indicates a strategic effort to improve the funding base and balance sheet management.

1st Security Bank Porter's Five Forces Analysis

• Covers All 5 Competitive Forces in Detail
• Structured for Consultants, Students, and Founders
• 100% Editable in Microsoft Word & Excel
• Instant Digital Download – Use Immediately
• Compatible with Mac & PC – Fully Unlocked

GET TEMPLATE ➔